October is more than halfway behind us – and Homes of Silicon Valley hopes you have some exciting happenings ahead! As we continue to follow the market and revisit what ‘normalcy’ looks like, we wanted to share the latest Santa Clara County housing market data. While the trends continue to change, you might be surprised to learn that the median and average SFR home prices have risen month over-month.
Summary:
- Median year-over-year gains are still holding at 6% from September 2021 to September 2022.
- Sales vs. List Price Ratio: 100.4% (still indicative of multiple offers & list prices being met or exceeded).
- Active Listings are down 0.5% month-over-month but have actually risen almost 23% year-over-year.
- Days on Market have experienced the biggest shift – with a 12.6% increase month-over-month and 84.7% increase year-over-year. Note that current DOM average is still 28 days – less than a month, whereas last year it was 15.
In short, the market has lost some of the frenzied demand and hurried pace that defined much of late 2020 to early 2022. While home prices have slowed, they have not stopped (we are not experiencing a plunge or decline that predicates any type of 2008 flashbacks). Stabilizing home prices coupled with increasing inventory are a positive for many buyers, while rising rates have no doubt impacted price tolerance and strategy. As you’ll see from the ‘Market Commentary’ section of our HOSV Real Estate Report, multiple offers continue to be the norm.
The upside to housing in Silicon Valley is that there are always motivated buyers looking for great properties. With so many desirable Bay Area communities, we appreciate the opportunity to match buyers, sellers and investors with what they need in creating the lifestyle they want. Please feel free to reach out for a complimentary comparative market analysis or custom buyer strategy session at any time. We are excited with how 2022 is ending… and we want you to feel the same!
Warmest regards,
Mark & Your HOSV Team
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Extra Credit: Did you know that even in the US cities where real estate prices are dropping the most month-over-month, they are still retaining higher home prices year-over-year? In addition, nationally home prices are up 14% annually.
Read more: Buyer Bargains: Here Are the 10 U.S. Cities Where Home Prices Are Dropping the Most Right Now